Leading World Bodies also predict that around 2030 Asia will be the world's powerhouse just as it was prior to 1800. This points to the need for India to define a global role withChina in the context of two rising economies meeting up for old glory, instead of seeking strategic one-upmanship between them to tilt the regional balance of power.
The geopolitical shift will impact cooperation, standards of living, natural resource use and global values. First, countries gain in influence more because of the size of the economy than the strength of their military.
But the implications of the rising economic power of Asia have yet to be grasped. Now, the OECD has two-third of global output compared to one-fourth in China and India.
By 2060, these two countries will have a little less than half of world GDP with OECD's share shrinking to a quarter.
The new giants will reshape rather than challenge the international system which led to their rise. Second, in addition to changes between States, there will be changes in country shares of global GDP, largely driven by ageing populations.
China will surpass the US by 2016 to become the largest economy in the world. India's GDP will equal that of the euro area in 2030 and in 2060 it will exceed that of the US, increasing from 11% to 18% of global GDP while China's share will remain at 28% during this period.